The basis of Indian society is a contract. The very basis of Indian society was based on the theory of the social contract. Thus, contracts are the roots of the law that deals with business, transactions of the Indian economy and society. The parent law was the Indian Contract Act of 1872, we had derived from the Sale of Goods Act of 1930. It thus makes it possible to improve, promote and promote operations in which the seller transfers ownership of the goods to the buyer for remuneration or agrees to transfer them. All legal sales must have the four fundamental elements of each sales contract: in accordance with the Indian Sale of Goods Act 1930, section 4(3) deals with the sales contract and the sales agreement, specifying that the sales agreement is also for sale. There is, however, a difference between these two concepts that we discussed above. Literally, selling means „an act or process of selling something“ is called selling. There are several essential conditions that must be part of any legitimate sale: „The sale is an agreement in which the seller transfers ownership of the goods to the buyer at a price or agrees to transfer it.“ In the event of an immediate sale, all rights related to the goods are immediately transferred to the buyer, while this is not the case for the sales agreement. In some cases, the sale is also made in accordance with the descriptions, which is why it applies to both the sale and the sales agreement referred to in section 15 of the Sale of Goods Act 1930. In the event of the seller`s failure to sell or hand over the property to the buyer, the buyer obtains a right to certain services in accordance with the provisions of the Specific Relief Act 1963.
A similar right is available to the seller under the contract to obtain a specific service from the buyer. In case of sale, when the goods are destroyed, the loss falls on the buyer, even if he does not have real ownership of the goods. Even if the signing of the sales contract does not mean that the sale is over, it is a decisive step in this direction. For this reason, buyers need to know precisely the conditions set out in the agreement. If both parties are willing to sell, that is, the buyer accepts the purchase and the seller is willing to sell the goods at monetary value. In the case of a sales agreement, the contract is executed at a future date, i.e. when the time has elapsed or when the necessary conditions are met. Once the contract is executed, it becomes a valid sale. All the necessary conditions at the time of sale must also be met in the case of a sales agreement. As a result, the price of the goods themselves decreases and the seller suffers the risk of suffering the loss. However, if the goods or part thereof are delivered and acquired by the buyer, the buyer is obliged to pay a reasonable price to the seller. One could conclude that one is an immediate act, while the other is a future act.
When the goods are sold and ownership is transferred to the buyer, but the seller is not paid. Then the seller can go to court and file a lawsuit against the buyer over damages and price. On the other hand, if the goods are not delivered to the buyer, he can also sue the seller for damages. A „contract of sale“ is a type of contract in which one party (seller) transfers ownership of goods or agrees to transfer them for money to the other party (buyer). A sales contract can be a sale or a sales agreement. In a sales contract, if there is an actual sale of goods, it is called a sale, while if there is an intention to sell the goods at some point in the future or certain conditions are met, it is called a sales agreement. . . .